AerCap Holdings N.V. (NYSE: AER) disclosed its first quarter results that dropped 28.4 percent year-over-year despite revenue recording 2.2 percent growth. However, its adjusted earnings per share advanced 8 percent and came in above the Street predictions.
The company reported net income of $223.1 million for the first quarter, down 28.4% from $311.5 million in the year-ago quarter. Similarly, its earnings fell 22.1 percent to $1.13 a share from $1.45 a share in the comparable period. The results included some items affecting it unfavorably.
Excluding special items, AerCap would have earned a net income of $301.6 million compared to $302.1 million in the previous year quarter. However, its adjusted earnings grew 8% to $1.53 a share from $1.41 a share thus topping the Street analysts' expectations by a penny.
Total revenues and other income rose 2.2 percent to $1.318 billion from $1.289 billion in the same quarter last year. This was also higher than the Street predictions of $1.28 billion.
AerCap CEO, Aengus Kelly, commented, "AerCap produced strong first quarter results, demonstrating the consistent earnings power of our global leasing platform. We delivered adjusted earnings per share of $1.54, and expect to generate $800 million of excess capital during 2016. We continue to see global demand for our aircraft and have access to $9.1 billion of liquidity to meet our strategic objectives. Our proactive portfolio management initiatives, coupled with return of capital, are focused on maximizing long-term value for our shareholders."
Shares of the company traded 0.45 percent down on Wednesday.
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